Party for graduate and students (4)
I believe the answer is:
ball
'party' is the definition.
(I know that ball is a type of dance)
'graduate and students' is the wordplay.
'graduate' becomes 'ba' (someone with a Bachelor of Arts degree).
'and' is a charade indicator (letters next to each other).
'students' becomes 'LL' (an abbreviation for learner driver written twice).
'ba'+'ll'='BALL'
'for' acts as a link.
(Other definitions for ball that I've seen before include "Sphere for sport" , "that one might throw?" , "Perhaps a bouncer < 's clog" , "Orb" , "Old song: 'After the .... was over'" .)